Joseph Ackermann, the outgoing Chairman of the Board of Directors of the Bank of Cyprus Group announced he has purchased additional 400,000 shares of Bank of Cyprus Holdings PLC, increasing his holding to 550,000 shares, “signalling his confidence in the Bank and the significant progress it has achieved on a number of fronts.”

In an announcement to the Cyprus Stock Exchange, Ackermann said “2018 has been an important year in the transformation of the Bank.”

“I am proud of the significant progress we have made this year against our strategic objectives. We have reduced our non-performing loans by c.70% since their peak in 2014 and we remain committed to making further material progress in 2019.”

He is said he is “pleased to have strengthened our capital position, well above the minimum requirements,” adding “liquidity remains strong, demonstrating continuous customer confidence towards the Bank.”

“Whilst maintaining our leading market position in a strengthening Cypriot economy, the Board of Directors and the Management of our Bank remain committed to a stronger, safer, Cyprus-focused institution, capable of supporting the Cyprus economy,” he concluded.